Philippine Pension Buys Stocks Amid Record Foreign Outflows
- Fund spent a third of annual stock purchase target in August
- Market may `bottom out' in next couple of weeks, Vergara says
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For the largest Philippine pension fund, record foreign outflows are making the nation’s equities a more attractive investment.
As the Philippine Stock Exchange Index surged to a record in April, the Government Service Insurance System was selling, according to its President Robert Vergara. Since then, the benchmark gauge has fallen every month, its longest losing streak in 13 years, and the fund has been purchasing shares -- spending a third of its annual equities budget in a 5 billion peso ($107 million) buying spree in August alone, he said.